I’ll admit it; I made a big mistake several years ago. I lost my career in IT to off-shoring. After trying my best, I could not find permanent, full-time work in the IT field. I then decided to return to college and start a new career. It was the biggest mistake of my life. The cost of my degree is currently $74,678.96 and it’s growing by $11.97 a day with compounded interest. I did get my BS in accounting and I do have a job in accounting, but the wages are so low that I never will be able to pay this loan off. In addition to that, I am 58 years old. I have an arthritic knee, heart trouble, and no savings. My wife and I do not even have enough money to bury me should I pass away. On top of that, because of our age, we are spending an ever increasing portion of our income on health care. With today’s high deductible insurance plans, that is becoming an ever increasing portion of our household budget. On our current insurance plan the deductible is $6,650 each, $13,000 total. We cannot afford anything better. My student loan payment is making it difficult to meet these deductibles. Also, if, God forbid, I was to die, my wife would be left with having to pay off my student loan. I’ve always had life insurance provided by my employer, but my current employer does not offer that benefit, and with my heart condition I cannot afford to get the amount of life insurance necessary to pay off my student loan in the event of my death.
Due to the loss of my IT career we had to dip into my retirement fund just to make ends meet. What is left is nowhere near enough to retire on and my student loan payment makes it impossible to set aside any money for retirement.
I really hate to beg like this, it makes me feel like a total failure. I was brought up to always carry my own weight, to always pay my debts. Now I am reduced to begging for the money I need so that this burden does not follow me to the grave. This is really my only chance to eliminate this debt, to prevent my wife from having to deal with this if I were to die, and have a chance at retirement within the next ten years.
Thank you from the bottom of my heart for your generosity.